South Bend, IN – A new report issued by New England Market Research, Inc. (NEMR), in partnership with NeighborWorks America, demonstrates the impressive economic impacts of South Bend Heritage Foundation, Inc. According to the report, a total economic output of
$66,848,165 was generated as a result of South Bend Heritage Foundation’s activities over the report period of 2014-2019. The report also notes that for every dollar ($1.00) in the South Bend Heritage Foundation budget, $4.29 was leveraged in total economic output during the period.
The organization was also responsible for producing $23,196,741 in economic impact as a result of its activities through value added payments made by various industries to workers, interest, profits, and indirect business taxes. The organization also contributed to 238 jobs over the period from 2014-2019, or 40 jobs annually, generating $15,394,577 in labor income.
The report also highlights that the taxes generated over the report period totaled $5,100,000 or $.33 in Federal, State, and local taxes collected for each dollar ($1.00) in South Bend Heritage Foundation’s budget. The report noted that $1.8m was from state and local taxes, while $3.3m was collected from federal taxes.
“Not only do South Bend Heritage Foundation professionals work determinedly to provide essential housing and small business benefits to our community, but we are also a strong engine of economic production,” said Marco Mariani, Executive Director. “This report demonstrates why local policymakers, funders, and elected officials at all levels of government should prioritize neighborhood development investments in communities now more than ever. The impact these investments provide are critical for individuals and businesses in neighborhoods across our county.”
Jack Northrup, President, New England Market Research, observes: “It’s clear to me that South Bend Heritage and its public-private partners produce a wide range of very positive statewide economic impacts.” Northrup further notes that not-for-profit corporations like South Bend Heritage are fairly unique in their ability to generate extremely important direct and indirect economic impacts across a variety of sectors, which improves quality of life for residents and supports workers and employers.
Public and private support for community development corporations that build and maintain healthy housing for a wide variety of populations will be critical in the years ahead as neighborhoods attempt to stabilize. The results of the recently released annual Housing and Financial Capability Survey from NeighborWorks America reveal that a significant and growing share of the American public is vulnerable or underequipped to handle financial challenges, a reality that prevents many from making progress toward longer-term financial and housing stability. According to the survey, economic hardships are changing the way we live — with an uptick in shared housing and delayed home buying.